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The USD/JPY pair initially fell on Tuesday, but found enough support near the 109 level to turn things back around and reach towards the 110 level. If we can break above there, the market could very well continue to go higher. However, we need to get above the shooting star that formed on Thursday in order to feel comfortable going long. Pullbacks on short-term charts should be buying opportunities, so having said that it’s likely that buyers will return again and again as the market seems to be trying to form some type of base. On a break out above, we will more than likely reach towards the 112 handle.

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